Банкеръ Weekly

Briefs

THE REFORM OF FINANCIAL CONTROL SWALLOWED ALMOST EUR1.8MN

The 2-year long restructuring of the Agency for Internal State Financial Control (AISFC) cost almost EUR1.8MN, the institution reported. The occasion for the report was the completion on October 22 of the Strengthening of State Internal Financial Control project, implemented with the assistance of the French Ministry of Economy, Industry and Finance. The reform was etirely financed by the EU's PHARE programme. EUR1.3MN was spent for the project's realization and another EUR481,000 - for the purchase of computers and specialized software products. The project was launched on November 8, 2001 by signing a contract between the Bulgarian Finance Ministry, represented by the AISFC, and the French Ministry of Economy, Industry and Finance. A 2-year term was set then, within which the agency had to be restructured in order to comply with EU standards. Two years ago we began reforming AISFC and succeeded to turn it into a modern audit institution for monitoring budget funds, a representative of the French said. The regulatory framework, including the amendments to the Act on State and Internal Financial Control (passed on October 29, 2002) and 12 legislative deeds, has been improved. A manual of the internal auditor has been prepared, including the best of the practice of institutions in four EU countries. Sixty auditors have been trained. A new info system has been developed, which is already used in the agency and in four of its regional divisions. The additional EUR481,000 from PHARE was spent for the purchase of 105 computers and 66 laps, and two types of specialized auditing software products - Galileo and LCL. An INTERNET link has been establsihed as well between the agency's regional divisions, the Finance Ministry and the entire State administration.

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